RAJESH EXPORTS LIMITED Mirs & Exporters of Gold and Diamond Jewellery

# 4, BATAVIA CHAMBERS, KUMARAKRUPA ROAD KUMARA PARK EAST, BENGALURU - 1 INDIA PH : 22266735, 22260443, 22282215, 41623638, 41529154 FAX: +91-80-2225 9503 Email : corpcomm@rajeshindia.com CIN No. : L96911KA1995PLO017077 Website : www-rajeshindia.com

Jume 30, 2021 To, To, The Manager Listing The Manager Listing Bombay Stock Exchange, National Stock Exchange Corporate Service Department Corporate Communication Dept. Dalal Street, Mumbai Bandra (EAST), Mumbai Scrip Code: 531500 Scrip Code: RATESHEXPO

Sub: Audited Financial Results For The Quarter & Year Ended March 31, 2021

Dear Sir/Madam,

The Board of Directors of the Company at their meeting held today, has inter alia considered and approved the Consolidated Audited Financial Results for the quarter & year ended March 31, 2021, and recommended dividend of Re.

| per share (100%) on equity shares of face value of Re.] each for the year ended March 31, 2021, subject to the approval of the shareholders in the forthcoming 27" AGM.

Accordingly, pursuant to Regulation 33 of the SEBI (Listing Obligation And Disclosure Requirements) Regulation 2015, please find enclosed herewith the following: ,

* Audited Consolidated Financial Results for quarter and year ended March 31, 2021

* Audit Report from the auditor.

Thanking You

Yours Faithfully

For RAJESH EXPORTS LIMITED

Rajesh Meh 2 Chairman As

Global Presencein Gold and. Diamond dewellery

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valcambi Pc SHUBH “1 Nd ee,

Media Release

Revenue of Rs. 2583131.26 Min

Net Profit stands of Rs. 8458.89 Min

Recommended 100% dividend for FY21

Bengaluru, June 30, 2021: Rajesh Exports Ltd. (BSE: 531500, NSE: RAJESHEXPO}, world’s largest gold refiner and world’s only fully integrated entity across the entire value chain of gold, announced its consolidated audited results for the quarter and year ended 31° March 2021.

Performance Highlights

For Year ended March 31°. 2021:

= Consolidated Revenues for the year of Rs. 2583131.26 Million.

= Consolidated EBIDTA for the year of Rs. 9844.31 Million.

= Consolidated PAT for the year of Rs. 8458.89 Million.

= Consolidated EPS for the year at Rs. 28.65 per share of Rs 1.

= The company has recommended a dividend of 100% for FY20.

For Quarter ended March 31", 2071:

= Consolidated Revenues for the quarter of Rs. 6452276.02 Million.

= Consolidated EBIDTA for the quarter of Rs. 3270.81 Million.

= Consolidated PAT for the quarter of Rs. 2931.10 Million.

= Consolidated EPS for the quarter at Rs. 9.93 per share of Rs 1.

valcambi ric SHUBH , y y a -

Management Comment:

Mr Rajesh Mehta, Chairman, Rajesh Exports Ltd. said, “The pandemic hod an impact throughout the last financial year on the businesses globally. Inspite of the lockdowns and the impact of the pandemic, Rajesh Exports Limited has been aule to achieve decent growth in revenues and has also achieved decent profits. We are hoping that in the current financial year the situation would be better and we will be able to achieve our set targets”

About Rajesh Exports Limited:

Rajesh Exports Ltd is a zero debt company on standalone basis with annual sales of Rs 2533 billion (Approx. USD 35 Billion) on a consolidated basis for FY21. The Company emerged as the single largest constituent of gold business in the world. Rajesh Exports processes about 35% of gold produced in the world. Rajesh Exports is the only Company with presence across the value chain of gold from mining till its own retail brand.

The Company is the largest refiner of gold in the world. With the acquisition of Valcambi, the world’s largest gold refinery at Switzerland, Rajesh Exports has built up a total capacity to refine 2,400 tons of precious metals per annum. Valcambi is a LBMA accredited refinery, the gold bars produced at Valcambi are good delivery bars, accepted across all the precious metal exchanges of the world and by all the Bullion banks.

Rajesh Exports Ltd. is the largest Manufacturer of gold products in the world. Across its various manufacturing facilities Rajesh Exports has a total installed capacity to manufacture 400 tons of world class gold products per annum including the finest plain and studded jewellery, medailions and coins. Rajesh Exports has set up the world’s finest R&D facilities in Switzerland and in India for developing new designs and for evalving innovative manufacturing process for manufacture of world class gold products.

The Company exports its products to various countries around the werld and also supplies its products to bullion banks, central banks wholesale jewellery trade and retail jewellery trade.

Rajesh Exports has set up $2 retail Jewellery showrooms under the brand name of SHUBH Jewellers. SHUBH Jewellers is one of the most trusted household jewellery brand names in South India and is known for quality, designs and value for money prices of its products.

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For more details please visit: www.rajeshindia.com For queries please contact:

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at Mr. Siddharth Mehta

In charge of Investor Relations & Corporate Communications

Rajesh Exports Ltd.

Tel No. 22266735 ext. 136 Direct Line:G80-2260443

Mobile: +91-9986107495

Email: corpcormm @rajeshindia.com/siddhorth @rajeshindia.com

Note: Certain statements in this document may be forward-looking statements. Such forward- looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other risk factors, viewers are cautioned nat to place undue reliance on these forward looking statements. Rajesh Exports Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

RAJESH EXPORTS LIMITED Regd. Office: #4, Batavia Chambers, Kumara Krupa Road,

Kumara Park East, BANGALORE-560 001 CIN L369L1 KAIS95PLCOL7077 http://www. rojeshindia com

| PARTI _ STATEMENT 0 OFC ‘ONSOLIDATED A AUDITED ) RESULTS FOR THE Q QUARTER AND Y: YEAR ENDED 31/03/2021

‘Property, plant and equipment La _ fc ~apital ‘Work-in-Propress

(a) Investment (b)Louns

| Sub-total — Non-current assets Current Assets a

| Eventories

{ Financial Assets fa)Trade Receivables pt eel

| (b)Cush aot ashe Tents | ()Bank balances athe other than n(bjabove fajLoans wf

{c)Other financial assets

Sub-total — Current a assets

tf TOTAL — ASSETS

(Rs. in Millions)

1 iw ah

7285.98

I

10409 35

25565 67

pare __ 10348986 |

1630055 |

l = = Quarter Ended = Year! Ended = | Particulars Simson [size [ siwazee | simsnen | 1300 : —— : Audited Unandited “Audited Audited — Audited 1) | Income trom operations i - ; (a) Net sales'income from operations {inclusive of = i Si cel [ae | vexcise duty) onli 64522601 455864 25 ATS526.57 | 258313126 | 1956001.70 | (bic Nher operating income: ain eh ee a Se -f = {¢) Other Income 709 9.49 1973 | 25.03 70.62 tal income fram operations (net) O45233.10 A5S873,72 415HG 0 | 258315639 19sGu72 32 z cpenses ni i = (a) Cost of matenals consumed = —=—=—=S~S~S TT 45187532 [47331694 | 35aceaGe7 | 193708249 | | <b)Purchases of stock-intrade = i aan: - 7 maf ee ie : (op Changes 1 In inventories of finished goods, work.

== i 863.43 199.13 (2046.40) ee ee ee 43985

__ [2] jaa | 174i | cf) Cother « expenses coo Ge | ~ 689,76 431 | (g1 Finance costs “ai = _ = + ‘Totalexpenses Lae eqaissi7 | 45353366 | a78S361 6m | 194845950" : 3044.93 2340.46 | 2692.69 1261293 p= Ty i7sr [edo (23.88) ____ 354.02 5 | Net Profit from ordinary activities after tax ¢ @-4) [| 2027 62 2276.42 aussi LSS OT] oe Other co comprehensive Income! expenses) (Net ¢ oftax) | sa = = folie — =| | 7 | Total comprehensive Profit / (Loss) for the eperiod | 2931.10 _ 22 | atte, 7 Ba so] 2058.91 e Paid-up equity share capital 295,26 295.26 295.26 295 2 295.26 ;— | (are Vaine of Re. 1) _i Re.t/Shane) (ReLshare) | (Ret/Share) | (ReUiShare) | (Re.1/Share) 9 | Eamings per share (EPS)

(a)Basic 9,93 eral #20 18.65 40.84 | (bDluted

ae = — — == a= b= es L 4 —— i _ =:

‘ __ Audited YeurEnded = As al 31.03.2021 Asat3103.2020

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1141545

6009.03 | 27245.50

~_93198.93 1662.85 |

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295.26 | 36 11192538 : L056. 80 | 11222064 | Le 10534206

3638 | ___ 1067 93

; | Financial Liabilities

_—__| @)Borrewings sSs—~—~S __10215.98 (b)Trade Payables = === LIQUT S70 |

___} {e}Other Financial liabilities aS | Other current liabilities

a Provisions LL . MDT. B2 i 20087032 | 307280 30 |

NOTES

1) The above results were reviewed by the Audit committee and approved by the Board of Directors at its meviing held on 3062021 2) The company deals with single product, ie Gold product, hence Sogment Wise Heures are na furnished 4) Uhe order book position as on 31.01.2021 of the cumpuny was Rs 452732 32 Million 4) [he alxwe Audited Quarterly Financial Results Gled with the Stock Uxchanges under Regulation 33 of the SEBI (Listing Obligations and Unsclosure Requirements) Regulations, 2015, is available on the Stock Exchange Websites (ywavw. bscindia com and ww nseindia.com) and on the Company's website www rajeshindia.com

By Order of the Board

For Rajesh Exports Lint

Ploce: Bangalore

Date: 3021

No.37, 2nd Floor, South End Road

PV. Ramana Reddy & Co., Basavanagudi, Bangalore - 560 004 Chartered Accountants P | 26764503 M : 9845082029

E ; ramanareddy2@dataone.in

pvir64@gmail.com

3

Independent Auditors’ Report

To the Board of Directors of Rajesh Exports Limited, Bangalore

Report on the audit of the Consolidated Annual Financial results

Opinion

We have audited the accompanying consolidated annual financial results of Rajesh

Exports Limited (hereinafter referred to as the “Holding Company”) and _ its

subsidiaries (Holding Company and its subsidiaries together referred to as “the

Group”) for the year ended 31 March 2021, attached herewith, being submitted by the

Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing

Regulations’).

In our opinion and to the best of our information and according to the explanations

given to us and based on the consideration of reports of other auditors on separate audited financial statements of the subsidiaries the aforesaid consolidated annual

financial results:

a. include the annual financial results of the followingentities:

i. REL Singapore PTE LTD

ii. Global Gold Refineries

iii, ValcambiS.A

iv. Babalrayan Jewellary

b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

c. give a true and fair view in conformity with the recognition and measurement

principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net loss and other comprehensive income and other financial information of the Group for the year ended 31 March 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified

under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities

under those SAs are further described in the Auditor’s Responsibilities for the Audit of

the Consolidated Annual Financial Results section of our report. We are independent of

the Group, in accordance with the Code of Ethics issued by the Institute of Chartered

Accountants of India together with the ethical requirements that are relevant to our

audit of the financial statements under the provisions of the Act, and the Rules

thereunder, and we have fulfilled our other ethical responsibilities in accordance with

these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the matters refeixed o,jn sub paragraph (a) of the “Other Matters” ,

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paragraph below, is sufficient and appropriate to provide a basis for our opinion on

the consolidated annual financial results.

Management's and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company’s Management and the Board of Directors are responsible for

the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net Profit and other comprehensive

income and other financial information of the Group in accordance with the

recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The

respective Management and Board of Directors of the companies included in the

Group are responsible for maintenance of adequate accounting records in accordance

with the provisions of the Act for safeguarding of the assets of each company and for

preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable

and prudent; and the design, implementation and maintenance of adequate internal

financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation

of the consolidated annual financial results that give a true and fair view and are free

from material misstatement, whether due to fraud or error, which have been used for

the purpose of preparation of the consolidated annual financial results by the

Management and the Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the Management and the

respective Board of Directors of the companies included in the Group are responsible

for assessing the ability of each company to continue as a going concern, disclosing, as

applicable, matters related to going concern and using the going concern basis of

accounting unless the respective Board of Directors either intends to liquidate the

company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group is responsible

for overseeing the financial reporting process of each company.

Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated

annual financial results as a whole are free from material misstatement, whether due

to fraud or error, and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit

conducted in accordance with SAs will always detect a material misstatement when it

exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:

« Identify and assess the risks of material misstatement of the consolidated annual

financial results, whether due to fraud or error, design and perform audit

procedures responsive to those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The risk of not detecting a

material misstatement resulting from fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

« Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in the circumstances. Under Section 143(3)

(i) of the Act, we are also responsible for expressing our opinion through a

separate report on the complete set of financial statements on whether the

company has adequate internal financial controls with reference to financial

statements in place and the operating effectiveness of such controls.

: Evaluate the appropriateness of accounting policies used and the reasonableness

of accounting estimates and related disclosures in the consolidated financial results

made by the Managementand Board of Directors.

» Conclude on the appropriateness of the Management and Board of Directors use of

the going concern basis of accounting and, based on the audit evidence obtained,

whether a material uncertainty exists related to events or conditions that may cast

significant doubt on the appropriateness of this assumption. If we conclude that a

material uncertainty exists, we are required to draw attention in our auditor's

report to the related disclosures in the consolidated annual financial results or, if

such disclosures are inadequate, to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date of our auditor’s report. However,

future events or conditions may cause the Group to cease to continue as a going

concern.

» Evaluate the overall presentation, structure and content of the consolidated annual

financial results, including the disclosures, and whether the consolidated annual

financial results represent the underlying transactions and events in a manner that

achieves fair presentation.

* Obtain sufficient appropriate audit evidence regarding the financial

results/financial information of the entities within the Group to express an opinion

on the consolidated annual financial results. For the other entities included in the

consolidated annual financial results, which are unaudited were approved by

Board of Directors who remain responsible for the direction, supervision and

performance of the entities within the group. We remain solely responsible for our

audit opinion. Our responsibilities in this regard are further described in para (a)

of the section titled ‘Other Matters’ in this audit report.

We communicate with those charged with governance of the Holding Company and

such other entities included in the consolidated annual financial results of which we are

the independent auditors regarding, among other matters, the planned scope and

Ray,

timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have

complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also. performed procedures in accordance with the circular No

CIR/CFD/CMD1/44/2019 issued by the SEBI under Regulation 33(8) of the Listing

Regulations, as amended, to the extent applicable.

Other Matters

(a) We did not audit the financial statements of the subsidiaries included in the

consolidated annual financial results. A copy of financial statements of subsidiary, approved by the respective board of directors of the company have been furnished

to us and our report in so for as it relates to the amounts included in respect of subsidiary is based solely on the board of directors approved unaudited financial statements. Our opinion is not modified in respect of this matter.

(b) The consolidated annual financial results include the results for the quarter ended

31 March 2021 being the balancing figure between the audited figures in respect

of the full financial year and the published unaudited year to date figures up to the

third quarter of the current financial year which were subject to limited review by

us:

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(P V RAMANA REDDY) \S& *gaier?’ Proprietor ae

M. No: 204588 Place: Bangalore 925

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